Leading Personal Loan Providers
Personal Loan in India Available from the following Banks
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Most banks and NBFCs offer a Personal Loan for a minimum period of 1 Yr and a maximum of 5 Years. There are some Banks which expand the maximum period to 7 Years also. The tenure is determined and cannot be extended. You have to pay your loan amount in equal monthly installments within the agreed tenure of the loan.
Yes, there are 2 types of charges that one needs to pay to avail of a personal loan:
Processing Fee: The customer charges a fee for every lending institution you borrow from, known as Processing Fee. The processing fee amount alters for each lending institution and is normally 1% of the loan amount.
Pre-closure Charges: Whenever you wish to close a running loan before its agreed tenure duration, the Banks and NBFCs charge a supplementary amount known as pre-closure charges on the borrowed loan amount. Different banks have different pre-closure charges. The pre-closure charges vary on how many years your loan has been completed before you decide to pre-close it.
Since a Personal Loan is a not secured loan, one of the important criteria for getting your Personal Loan application approval is your CIBIL Score. Having a good CIBIL score becomes extremely important if you wish to get a Personal Loan in the future. Make sure you don’t skip any of your loan EMI payments or any credit card payments, as that will decrease your CIBIL score. Most of the Personal Loan rejections happen due to a low CIBIL Score.